Metered Access

Crain's Detroit Business is a metered site. Print and digital subscribers have unlimited access to stories, but registered users are limited to eight stories every 30 days. After viewing three metered stories, you'll be asked to register or log in. After eight more stories in 30 days, you'll be asked to subscribe.

Troy-based Talmer Bancorp Inc. announced the sale of its 11 branches and about $360 million in deposits in Wisconsin after the close of markets Wednesday to Town Bank, a subsidiary of Wintrust Financial Corp.

In an unrelated transaction, Talmer (Nasdaq: TLMR) said it has agreed to sell its single branch in Albuquerque, N.M., which has about $37 million in deposits, to Grants State Bank.

The deals are expected to close in the third quarter, pending regulatory approval. The sales prices were not disclosed.

Current employees will continue to staff those branches.

“We have recently undertaken a strategic assessment of all our markets, including an evaluation of the best opportunities to invest our capital resources and continue to execute our growth plans. This divestiture is in line with our long-term plans,” Talmer President and CEO David Provost said in a release.

Talmer was founded in 2007 as a single branch named First Michigan Bank in Troy. In April 2010, when began an aggressive growth campaign by buying distressed banks about to be closed by federal regulators, it had $90 million in assets.

That month, it bought the troubled Port Huron-based Citizens First Bank. It bought First Banking Center of Burlington, Wis., in November 2010 and added Peoples State Bank of Madison Heights and Community Central Bank of Mt. Clemens.

In November 2012, Talmer bought First Place Bank of Warren, Ohio, which added $2.6 billion in assets.

Last October, Talmer bought the remaining assets of the long-troubled Capitol Bancorp Ltd. of Lansing in a federal bankruptcy proceeding, a sale that included the Bank of Las Vegas, Indiana Community Bank, Ann Arbor-based Michigan Commerce Bank and Sunrise Bank of Albuquerque.

Talmer, which has about $5 billion in assets, completed an initial public offering of $202 million on Feb. 12, opening for trading at $13.75 a share. Its stock was at $14.16 Wednesday afternoon.

Before its IPO, Provost said one use of funds from a public offering would be to expand operations in the Chicago area.